Yes Bank had reported a large divergence in the NPA numbers that were actually reported by the bank and NPA as per RBI audit, resulting in a sharp correction from 380 levels. This has made institutional investors to remain cautious till further clarity emerges from December 2017 quarterly results. Thus I feel the stock would consolidate in a wide range of 280-330 ...
Yes bank completed rounding bottom on daily charts and entering consolidation period.
Last high was 1862.
It tried to cross 1862 in last 4 sessions consecutively but failed every time.
Lets make this consolidation fruitful.
- Short Yesbank 1860 CE @ 31.50
- Short Yesbank 1800 PE @ 20
- Long Yesbank 1900 CE @ 17.5
Now Lets discuss ...
It is been observed on the Daily Chart that the price action is forming a bearish flag pattern, which indicates the continuation of the trend. In this situation, the price action is trending down prior forming flag pattern and now once it formed and breaks below it, indicating further weakness ahead.
Target 1: 1400
Target 2: 1375
1)One of the major private sector banks having less NPS issues.
2)Interest income earned by the bank doubled in last 4 years and profit tripled.
3)Market leader in sales and other sectoral numbers, enjoys a competent premium.
4)Balance sheet Numbers like Operating profit, net sales are improving YoY @>20%
1)Stock is undergoing ...
SL 1449, if it breaks this level then tgt on downside 1413. But if it respects 1450 , then tgt on upside 1500.
Disclaimer: I am a novice at charting and this chart is for educational purpose only. Views and opinions are welcome.